Streamline Health Solutions, a provider of transformational data-driven solutions to help healthcare providers, has seen a new record for bookings in a single quarter.
For the third quarter of 2014, Streamline recorded $21.1 million in new contract bookings. The record amount includes the $7.5 million contract previously announced in Q3. Through the first three quarters of this fiscal year the company has closed $23.6 million in new contract bookings, exceeding the total bookings for all of fiscal 2013.
"We are very pleased with the increase in new contract bookings volume in the third quarter of this year, including a new contract for our Looking Glass Clinical Analytics solution," said Robert Watson, president and chief executive officer of Streamline Health. "In addition, I am pleased to report that our sales organization was able to convert and close all third quarter contracts as recurring revenue versus perpetual license-based revenue. We believe, as we have stated previously, that SaaS-based or term license contracts are better arrangements for our company and our clients. These contracts normalize revenue recognition. We will continue to push for these agreements whenever possible.
"We continue to focus our internal efforts on implementation in order to accelerate revenue recognition, but there is no easy remedy for this challenge because we must rely on our clients to effect meaningful change here. As of the end of our fiscal third quarter, our quarterly unimplemented, contracted recurring revenue increased to approximately $1.3 million, taking into consideration that there are larger contracts in this group of new bookings that are both longer in terms of years and back-end loaded. Our backlog as of the end of the third quarter now exceeds $82 million."
StreamLine Health, Q3, Robert Watson, IT & Data Security, US